There have been so many changes in the sales world in the past 10-15 years. Technology has certainly played a major part in it. However, the biggest and most recent change is the interaction between seller and buyer.
In his book, ‘To Sell Is Human:’ Daniel H. Pink talks about how the shift in information and the easy access to it has taken the simple transaction of caveat emptor to caveat venditor. In other words, we have gone from buyer beware to seller beware. It is the foolish and unknowledgeable seller that now must beware in how he not only conducts business but how he treats his customers and prospects.
As a result of the proliferation of social media and platforms that exist today, it is the dishonest and unscrupulous seller that is being ‘outed’ by a more informed and demanding population. The reason for the shift is the accessible information.
Any salesperson going in must now make the mind shift that the customer/prospect know as much if not more about the product or service than they do. To expect anything else would be perilous. One can certainly gauge the about of information by asking relevant questions to test the amount of knowledge they possess.
However, one must still be cautious; they may not know now, but they can certainly obtain it post-sale. Hence the reason for caveat venditor.
In the old days, 15-20 years ago, if one was unethical and shady and were found out; who was the buyer going to tell? Perhaps a few family members and close friends which would maybe number six to twenty. However, today they can tell 1,000 or more by some simple strokes of a keyboard and hitting the powerful send button.
Realizing this, today’s vendors have to be completely forthright and trustworthy. They must treat each purchaser with dignity and courtesy in the hopes of receiving a positive testimonial on the platforms previously mentioned.
Studies have shown that only one in ten leave a positive review. The results from this one positive review can be priceless as:
- 88% of purchasers rely on reviews for their buying decisions
- Allows your brand to be more widely recognized without any effort or further expense from you
- It is a form of free marketing
- It validates you and your product
On the other hand, a bad experience will cause 91% chance of that person never dealing with you again. As well, they are 89% more likely to leave a bad review on social media which has a cumulative effect on 86% of customers not dealing with you again, or ever. Also, remember, 88% of new clientele rely on reviews in their buying decisions.
In order to validate everything, I have just said, stop reading, sit back and reflect on your own purchasing experiences in the past few months or year, and why you keep going back. Obviously, I am speaking of non-essential items even though there may be a cause to even change those. My wife has changed where she shops for groceries because of service.
In a world of information parity, it is now the seller that must beware.